Jim Knows DC :: Sellers

Can I just sell the house without hiring a Realtor?

Around 10% of Americans do sell their own home and surveys indicate most would never do it again. There are many steps involved and the whole process can be very time consuming.

Having the right knowledge and resources at your disposal are a key component to selling your own home. Things like determining the correct price, using all the proper forms and contracts are just the beginning. Advertising to other consumers and brokers is an essential piece of what a Realtor can do for you. Jim Downing and his team, knows market trends and understand how to best price your home and help you reach your goals.

Hiring an agent allows the seller to have someone else always "on-call" and can help show, negotiate and market your home while you are working, out of town or just do not want to be bothered.

What gets a house sold?

There are many factors which help get a home sold. Market conditions are the most important - however it is something that no one can control. Thus you must focus on things you CAN control.

While Price is the most important factor of the things an owner controls, property condition/curb appeal and the marketing/exposure are also very important.

What is the best time of year to list a home?

Much depends on the your plans and needs. The spring is typically the busiest time of year, followed by fall. In the DC area, summer (July-August) and winter (December-January) are the slowest time of the year.

While the busiest time of the year tends to have the largest number of active buyers, it also has the most competition. In the right neighborhood in the right conditions, it doesn't matter what time of year it is.

Should I wait for the market conditions to change before listing?

Probably not. The overall Real Estate Market sways from buyers markets to sellers markets. Most people selling a home are going to also buy a home - either a larger home or a smaller home. It is pretty hard to sell at the peak height of the market and turn right around and buy at the very bottom.

How long does it take to sell a home?

Homes can take anywhere from a few days to several months. While experts say that a "balanced" market (neither a buyers or sellers market) is one that takes a home about 6 months to sell.

In the DC area; you should typically expect 3-4 months to sell your home. However, part of the pricing strategy often based upon your time frame of selling and moving.

How much is my home worth and - Who sets the price?

Jim helps owners determine where the current price of the home should be; based upon comparable sales. Those are recent sales of similar homes in the same neighborhood or part of town.
The sellers determine what the list price will be based upon the advise given as well their goals.
The ‘Market' will determine the ultimate sales price. Many factors determine the ‘Market'. Supply and demand, buyer confidence in the economy, location and job growth are just some of the many factors involved.

Should I start the price my home for more than I want to settle for?

Pricing is unique for each property and in each situation. Over-pricing in hopes of getting a higher net can quickly price you out of the market completely and you will be forced to LOWER your asking price to stay competitive; while under-pricing can sometimes spur multiple offers and drive the price UP.
Jim will discuss pricing with you and help determine which strategies will work best for your individual situation.

Should I renovate or repair things in my home before listing?

Many owners find themselves spending too much on renovations just before the sale of their home. Jim will help you decide which things to spend money on and which items to not bother with.
Typically spending money in kitchens and baths will help you the most in the sale of your home. Fresh paint and a deep cleaning will get you the best return for the money spent.

"Fix-Ups" will need to happen in most any home. It is better to spend a few dollars at the start getting everything fixed that have it be a point of negotiation in either the initial offer process or during a home inspection.

What do I do get the home "Ready to Show"?

Clean, de-clutter and depersonalize your home. When your home goes on the open market - it needs to transform from "your home" to "a house" or "a product". Think furniture showroom. Nothing out of place, a limited number of pictures, walls clean and sparse, no dirty dishes or bad smells.

The key is to not the let the buyers eyes go anywhere except to see the home and allow to envision "their" pictures, furniture and ‘stuff' in the home. Wedding pictures, pictures of the owner and a past President or of the 12 grandchildren; distract the buyer.

What is a home warranty? Does it cover buyers and sellers?

Home Warranties can be a good investment and marketing tool for your home. Not only can you cover many of the systems and appliances in your home during the listing period; this warranty is also extended to the buyer for the 1st year of ownership.
Buyers like these warranties because it protects them from costly repairs in the first year, while they rebuild some savings after such a large purchase.

How do we reach the right buyers?

The right buyer could be in the apartment building across the street or in a country on the other side of the globe. Jim and his team utilize every marketing tool available to expose your home to as many buyers as possible.

The MLS is an Internet service that your agent pays for and shows the details of your home to the world at large - but it is just the beginning. Showcasing your home on all the popular websites, complete with loads of pictures and virtual tours helps to attract buyers to your home.
Jim Downing also is a Certified Relocation Agent; he is best able to expose your home to Government, Military and Corporate transferees - coming from all over the country and foreign countries.

Should we do an Open House?

Open Houses sell homes only about 1% of the time - that's not going to sell most homes but it does sell homes 1% of the time. Jim is committed to use EVERY technique to sell your home - not just 99% of them.

Having an Open House will bring in many of the neighbors - who are just "browsing". The good thing about these folks is this: They are probably some of the best salespeople for your neighborhood because they live there! Many times potential buyers are told by friends, "there is a home for sale in our neighborhood".

Open Houses should be done, but not more than (in most situations) once per month.

When a buyer and their agent show up - should I give them a tour or leave?

Leave. While no one can give a tour of your home and point out the features as well as you, the owner, having the owner there makes the buyer nervous. Buyers want to feel free to comment features to their agent, open closets, measure pantry space and just wonder around. Having the seller home will make them feel like they can't really explore the home.

If you are home when they show up; go for a walk or drive around the block. In worst-case situations; go upstairs when they are downstairs and downstairs when they upstairs.

Will my agent attend the settlement?

Yes - of course. While the agent has no documents to sign or legal requirements to be at settlement; your agent should be there to answer any questions or help if any last-minute issues arise.

How much is the Commission to be paid to the agent?

Commissions are by law; always negotiable between seller and agent/broker. As with any service; there is always someone who will do a job cheaper and someone who will overcharge.
Check with a few different agent and ask what services you will receive for the commission you are paying. Do not just accept a number without the agent being able to justify their fee with a list of services they will provide for you.

How many months should a listing agreement be for?

This is always negotiable. While most agents have minimums; everything in Real Estate is negotiable. What if you are ½ way into a year-long agreement and you are unhappy with your agent? You may be stuck in contract for 6 more months.

Make sure you know if your broker will let you out the listing agreement of you are unhappy with the service you are being provided.